Summary
Intercontinental Exchange, Inc. (ICE) announced on October 24, 2017, that it has entered into an Asset Purchase Agreement to acquire Virtu Financial's BondPoint division and credit trading venue for $400 million in cash. This strategic acquisition aims to enhance ICE's fixed income trading solutions by integrating BondPoint's electronic trading capabilities and access to centralized liquidity for both buy-side and sell-side participants. The transaction is expected to close in the first quarter of 2018, subject to customary closing conditions, regulatory approvals (including FINRA, MSRB, and HSR Act clearance), and a working capital adjustment. The acquisition of BondPoint, a provider of automated trade execution services, represents a significant move by ICE to expand its presence in the electronic fixed income market.
Key Highlights
- 1ICE to acquire Virtu Financial's BondPoint division and credit trading venue.
- 2Acquisition price set at $400 million in cash, subject to working capital adjustments.
- 3BondPoint is a provider of electronic fixed income trading solutions with access to centralized liquidity.
- 4Transaction expected to close in the first quarter of 2018.
- 5Acquisition is subject to customary closing conditions and regulatory approvals (FINRA, MSRB, HSR).
- 6The deal is intended to enhance ICE's offerings in the electronic fixed income trading space.